Approximately 85 to 90% of buyers use a buyer’s agent when buying a home in NYC. Those who don’t use their own agent frequently state that if they would do it over again that they would have gotten their own representation. Here are reasons why you should have your own broker and what they should be doing on your behalf.
- Fiduciary Responsibility to You- Any listing agent you encounter works for the seller. They represent the seller’s best interests. If you do not have your own agent, you are unrepresented throughout the process and will not have as strong of a team as the seller. Your buyer’s agent will advocate on your behalf to get you the best deal possible. In addition, the buyer’s agent can provide unbiased advice about a property.
- Knowledge– Your agent has many colleagues and contacts and they can provide certain inside information about a building. Buying in New York City is unique as many buildings have specific nuances. Your agent can also provide neighborhood data trends.
- Saving You Time– The buyer’s agent can contact the listing agent directly to set up showings and ask relevant questions. In addition, they will set up the showings in the most concise way possible to ensure that the showing schedule makes sense.
- Access to Off Market Listings– A buyer’s agent can hear of listings that are off the market or that will be on the market before it hits the public websites. This can give you a leg up on the competition.
- Asking Questions– The listing agent may not disclose every attribute about the apartment that can affect the future value and quality of life. Your agent can decipher information and ask suitable questions. Therefore, it is important to have your own agent to ask appropriate questions. A buyer may not see what is wrong with an apartment.
- Guidance– A buyer’s agent will stop you from revealing unnecessary information to a listing agent that can influence your negotiating position.
- Performing Comp Analysis– The agent can do a comprehensive search into similar sales within the building and the neighborhood. This comp analysis will help to determine a compelling price to offer and make sure that you don’t overbid and buy an apartment with an inflated asking price.
- Marketing You– An experienced agent will know how to submit your offer in the most professional manner and will properly identify the best way to market you so that you stand out from other offers.
- Negotiating– An experienced real estate professional knows the best way to negotiate the deal having gone through the negotiation process numerous times. In addition, buying a home can be emotional and working with an agent will help you to keep emotional aspects from affecting the negotiation.
- Establishing Your Team– A well connected agent has a team of vetted real estate attorneys, mortgage brokers across different banks, architects, contractors, professional organizers and interior designers.
- Board Package Preparation– Your agent will advise on numerous questions and make sure you are marketed in the best way possible to pass a co-op board. The agent also has a manager who can advise on difficult situations. In addition, the agent can handle the tedious tasks and save you time with preparing the package.
- There’s No Cost to You– The seller pays the fee and the listing and buyer’s agent share this fee. If you do not use a buyer’s agent, the full commission goes to the listing agent.
- Emotional Support– Buying a home can be very stressful and time-consuming. In addition, there can be unexpected hiccups. A buyer’s agent can help you keep calm and act as a sounding board in order to resolve a conflict.